HBK Sorce Advisory LLC Sells 2,686 Shares of Truist Financial Co. (NYSE:TFC)

HBK Sorce Advisory LLC decreased its stake in Truist Financial Co. (NYSE:TFC) by 29.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,373 shares of the insurance provider’s stock after selling 2,686 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Truist Financial were worth $235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Truist Financial during the 3rd quarter worth approximately $26,000. Operose Advisors LLC bought a new stake in shares of Truist Financial during the 3rd quarter worth approximately $31,000. Quarry LP bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $32,000. Finally, Tyler Stone Wealth Management bought a new stake in shares of Truist Financial during the 3rd quarter worth approximately $33,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Down 0.6 %

Shares of NYSE:TFC opened at $37.28 on Friday. The business’s 50-day moving average is $36.63 and its 200 day moving average is $34.11. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29. The firm has a market capitalization of $49.75 billion, a P/E ratio of -34.52, a P/E/G ratio of 2.31 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the company posted $1.30 EPS. On average, research analysts predict that Truist Financial Co. will post 3.33 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is presently -192.59%.

Analyst Ratings Changes

TFC has been the subject of several research reports. Odeon Capital Group upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 target price for the company in a report on Thursday, December 14th. UBS Group upped their target price on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. HSBC upped their target price on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Finally, Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus target price of $41.47.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.